Provisions of section 35 not to apply to certain transfers and transferees.

Nothing in section 35 shall apply to,-

1. (a) any transfer which has been finally adjudged to be a transfer other than a mortgage by a decree of a Court, tribunal or other authority of competent jurisdiction; and
2. (b) any bona-fide transferee for value without notice of the real nature of such transfer his representative, where such transferee or representative holds under a registered deed executed before the date of commencement of this Chapter.